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Article: BioMarin Aiming To Raise $125M In Convertible Notes.
- Article from:
- BIOWORLD Today
- Article date:
- November 4, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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National Editor
Partly to push Phase III development of its heparin-cleaving enzyme treatment, BioMarin Pharmaceutical Inc. said it plans to offer about $125 million in convertible subordinated notes due in 2008, with a conversion price yet to be determined.
"We're increasing the number of sites for [the Phase III trial with] Neutralase from 35 or 40 to about 75, and this is going to require some additional money," said Joshua Grass, manager of investor relations at Novato, Calif.-based BioMarin.
"This is the first of two Phase III trials, and we think it will help us execute the second at a faster rate," he added.
Neutralase, a ...